Seizing the Opportunity of 50 Trillion Yuan in Maturing Deposits: Multiple Securities Firms Accelerate Implementation of Response Plans

Over 50 trillion yuan in fixed-term deposits will mature, and who will take on this “massive wealth”? Naturally, brokerages won’t miss any opportunity to increase revenue. During recent industry-wide annual strategic meetings, Caixin News learned that many securities firms’ wealth management divisions discussed how to respond to the deposit maturity wave in 2026, and currently, brokerages are accelerating the rollout of response plans.

“We discussed this at our annual meeting this year—how to generate some incremental income,” said a vice president responsible for wealth management at a securities firm in an interview. Many brokerages also predict that in 2025, a large amount of maturing funds will trigger a massive “deposit migration” amid falling interest rates, so they are already preparing response strategies as 2026 approaches.

Market institutions widely forecast that the scale of residents’ fixed-term deposits will exceed 50 trillion yuan, with a reallocation demand likely, which may flow into gold, funds, stocks, insurance, and other assets. With this migration volume, brokerages share a consensus, but their approaches vary. Based on Caixin’s survey, the industry is forming a diversified, professional service system to handle the 50 trillion yuan of maturing fixed deposits.

This includes building a layered, all-scenario, stable product matrix centered on fixed income +, combined with deposit replacement tools and innovative categories tailored to different capital allocation needs; linking with banks, insurance companies, and other institutions to create a large wealth ecosystem; and some brokerages focusing on core regions and deepening segmentation to develop differentiated competitive advantages.

Approach One: Fixed Income + as the Core Engagement Tool

Fixed income + has become the main approach for handling maturing deposits, which is a common answer among brokerages.

Currently, the biggest obstacle to deposit migration is residents’ natural aversion to asset volatility during investment, which ironically is also the core advantage of savings—its high certainty of returns.

In response to residents’ core reallocation needs, brokerages are building layered product matrices with a focus on stability, using fixed income + as the main tool to absorb maturing fixed deposits. They also leverage their resources for product layout and innovation, forming a differentiated product supply system that covers all scenarios from current account replacements to long-term appreciation.

Shanxi Securities, for example, draws inspiration from insurance dividend models and is innovating a wealth management plan called “Closed Period + Fixed Period Fixed Dividend.” On one hand, this approach uses regular fixed dividends to align with residents’ simple savings habits and provide stable cash flows to dispel concerns about asset fluctuations. On the other hand, by precisely calculating the closed period, minimum investment amount, and dividend payout, they match corresponding fund advisory strategies, using continuous dividends to passively extend clients’ investment horizons and fully leverage the value of their research and investment capabilities.

Western Securities focuses on the low-risk investment needs of the general public, creating a self-developed asset allocation service brand called “Western Preferred 30.” Its stable module features pure fixed income and fixed income + products of medium to low risk, building a “portfolio fortress” that combines stable defense and long-term appreciation.

Shenwan Hongyuan Securities has a comprehensive fixed income + product lineup, becoming the core of its product system. The company has launched capital-protected options linked to indices and commodities, as well as neutral quantitative low-volatility products, and has also developed balanced fixed income + products with controlled scale, with annual sales reaching hundreds of billions yuan. Relying on its research institute, it has also introduced a series of research-selected products based on public and private funds.

CITIC Construction Investment focuses on high-end wealth management, cash management, reverse repurchase agreements, and dividend assets, creating a full-spectrum deposit replacement plan. It constructs a four-layer matrix of “cash management + stable wealth management + reverse repurchase + dividend enhancement,” with core fixed income + products like the Stable Wealth Series and Fixed Additions as the main long-term allocation options, combined with dividend assets to boost returns.

CICC Wealth emphasizes fixed income and fixed income + products as key capital absorption tools, establishing a multi-dimensional evaluation system for product selection. They rigorously evaluate managers based on overall strength, risk-return balance, strategy diversity, and innovation prudence, and maintain professional tracking of innovative directions like “fixed income + REITs” and “fixed income + commodities.”

HuaFu Securities builds a low-volatility, layered product matrix to precisely match deposit clients’ needs. It prioritizes short-duration fixed income and medium-short-term bonds as deposit substitutes, while also developing “fixed income +,” stable FOF, and collaborating with asset management institutions to develop customized separate accounts and structured products to meet high-net-worth clients’ long-term planning needs.

Dongwu Securities creates a tiered product pool of “fixed income foundation + equity enhancement + long-term allocation,” mainly targeting the stable needs of maturing deposits, covering from current account replacements to long-term appreciation, enabling layered engagement of funds with different risk preferences.

Approach Two: Upgrading the Advisory Model

All brokerages regard advisory capability as a core competitive advantage in wealth management. They are transforming from traditional product sales to a buy-side advisory model by building professional advisory teams, creating distinctive advisory service systems, and restructuring evaluation mechanisms to enhance professionalism and adaptability, matching different client advisory needs.

Galaxy Securities integrates trading, allocation, and research efforts to develop the “STAR” global buy-side advisory service system, establishing a layered, differentiated professional advisory matrix. They offer intelligent advisory for long-tail clients, ETF advisory for index investors, and one-on-one stock advisory services for high-net-worth clients, achieving precise matching of advisory services.

Western Securities relies on “principal service” to create a distinctive buy-side advisory model, providing investment solutions through “diversified portfolio investment + advisor accompaniment.” The principal team is selected through a competitive process, with strong research capabilities and rich service experience. Currently, over 40 principals are providing services to more than 20,000 clients.

Shenwan Hongyuan Securities advocates a research-driven, strict management approach to buy-side products, supported by Shenwan Hongyuan Research Institute’s strong research background. This foundation ensures that buy-side advisory services are based on in-depth research, enhancing the professionalism of asset allocation.

CITIC Construction Investment offers full licensing and research advantages for buy-side advisory services. While providing deposit replacement products, they also offer dedicated advisory services tailored to different capital scenarios, reducing clients’ decision-making costs and covering the entire product allocation process.

Approach Three: Technology Empowering Full Lifecycle Support

Brokerages focus on customer needs, building comprehensive, layered, and categorized service systems that cover the entire client lifecycle—pre-investment, during investment, and post-investment—while leveraging technology to improve service efficiency and reach. Through integrated online and offline services, they enhance customer experience and capital stickiness, ensuring long-term capital retention.

Galaxy Securities relies on technology to build professional systems, creating a complete wealth management brand ecosystem. Using the “Star Map” multi-asset buy-side advisory system as technical support, they design a brand system with CIOOFFICE at the top, “Wealth Star” and “Jin Yao” as service tools, and “Star Family Office” and “Galaxy Star An Yang” as scenario-based solutions, providing clients with tailored services.

Western Securities offers full lifecycle services centered on pre-investment, during investment, and post-investment, with “Western Preferred 30” and principal services as core components. They aim to enhance investors’ sense of gain and experience throughout the entire asset allocation process.

HuaFu Securities has built a layered, integrated online-offline service system based on client lifecycle and capital scenarios. They offer intelligent advisory, systematic investment plans, and other convenient services for retail clients, while providing family trusts and cross-border allocation solutions for high-net-worth clients. They streamline the entire process from pre-investment needs assessment to post-investment monitoring and rebalancing, utilizing digital platforms for precise client tagging and timely service delivery.

Dongwu Securities supports a service system based on technology and ecological collaboration, using digital tools to connect online and offline services, reducing customer acquisition and service costs. They also coordinate with banks, insurance companies, and trusts to build a “Big Wealth Ecosystem,” breaking the limitations of single-broker services and meeting clients’ full lifecycle needs.

CITIC Construction Investment focuses on a four-layer product matrix for deposit replacement, creating a full-scenario service system. They provide automated fund collection and seamless trading for cash management products, target marketing windows for short-term products like reverse repos, and implement strict post-investment risk control for medium- and long-term allocation products. They also offer one-click allocation and maturity reminders to enhance service intelligence and convenience.

Approach Four: Regional Deep Cultivation and Ecosystem Collaboration to Build Differentiated Service Barriers

Beyond common product, advisory, and service layouts, some brokerages are creating exclusive differentiated service barriers through regional deep cultivation and ecosystem collaboration, forming unique competitive advantages in the wealth management market and further enhancing capital absorption and client loyalty.

Dongwu Securities regards regional deep cultivation as a key strategy, focusing on the Yangtze River Delta and especially Suzhou. They build high-net-worth and institutional client ecosystems, leveraging regional economic advantages to develop specialized services in niche areas, creating differentiated competitive edges through precise regional services.

Galaxy Securities develops scenario-based wealth management solutions, launching “Star Shine Family Office” services to meet high-net-worth clients’ family wealth management needs. They also deploy “Galaxy Star An Yang” for elder care wealth management, matching personalized client needs through scenario-based services to make wealth management more targeted.

CITIC Construction Investment capitalizes on holiday marketing opportunities, using key dates like the Spring Festival to offer short-term idle fund management services centered on reverse repos and fixed income repurchase quotes. Through exclusive holiday marketing and service activities, they attract residents’ short-term idle funds during festivals, achieving seasonal capital absorption.